With tax time and the end of financial year not that far away, shrewd business operators will be sizing up the tax and other benefits on offer by purchasing new trucks prior to 30 June. Making those critical buying decisions may be assisted by reviewing the latest truck sales data. But buying decisions around which truck can go hand in hand with decisions around the truck loan to ensure a cost-effective outcome.
We update on March truck sales and the truck loan options to assist buyers select the right vehicle and finance product to deliver the most cost-effective outcome.
Latest Sales Data
According to reports of the T-Mark figures on new truck regos for March, it is the heavy vehicle segment which has performed best in this reporting period. But all segments have performed well. Compared with March last year. A 6.7% growth in total sales was recorded. Based on year-to-date figures for 2022 compared with 2021, heavy duty is up nearly 24%.
The leading brand overall remains Isuzu Trucks, then Hino and followed in third place by Hino. All three leading brands posted increases. Kenworth came in fourth also with impressive growth with Volvo in fifth and with a significant increase of 40% compared with the corresponding 2021 recording period.
Leaders by Segment
If you’re tossing up about staying with your current brand or making a change, check out which brands performed best in this reporting period.
- Heavy-duty trucks: Kenworth came in first as it usually does, followed by Isuzu, then Volvo, Mack Trucks and UD Trucks.
- Medium-duty segment: Not surprisingly it was Isuzu on top followed by Hino and Fuso. These big three clearly dominate this versatile and highly popular segment. Iveco followed then UD rounding out the top five.
- Light-duty trucks: This segment has been extremely popular in recent years due very much to the surge in online shopping and home deliveries. The top selling brands for March 2022 were Isuzu, Hino, Fuso, IVECO and Fiat.
Plenty of food for thought for truck buyers considering making that all-important decision about a new vehicle. Of course, any actual purchase may come down to availability at this current time.
As we and the media have stressed for some time, sales figures at the moment need to be considered with some caution. The semiconductor issue is still having a serious impact across manufacturing industries, delaying the delivery of many vehicles and equipment. The sales figures may indicate which brand simply had stock to fill orders this past month rather than based on genuine popularity.
Taking all that onboard, purchasing prior to the end of financial year may deliver more than just a spanking new vehicle to improve the productivity of your business. It may also deliver timely and impressive tax benefits courtesy of temporary full expensing and Instant Asset Write-off.
The selection of truck loan type can impact the realisation of certain tax benefits. So now to an update and overview of truck loan types and their individual features and benefits. It can also be a timely decision with very strong indications that the RBA will move to increase interest rates very soon.
Truck Loan Options
We offer the full range of truck loan types:-
- Chattel Mortgage for truck & trailer financing
- Truck Lease
- Rent-to-Buy which is also referred to as Rent-to-Own
- Commercial Hire Purchase or simply Hire Purchase
The choice of truck loan type can significantly impact the cost-effectiveness of the overall truck purchase. Business owners should review their individual financial objectives in consultation with their accountant in making the decision.
- If looking to realise the advantages of temporary full expensing or IAWO, then Chattel Mortgage is the most suitable form of finance.
- If having the value of the asset on the balance sheet is not seen as favourable, then considering one of the ‘off-balance sheet’ finance types – Truck Lease finance or Rent-to-Buy truck loans may be more suited to the business.
- If looking for the cheapest interest rate, Chattel Mortgage and Hire Purchase attract the lowest rates across the range. But the choice of lender can also significantly impact how low that rate may be. Opting to use broker services such as we offer at Jade Truck Loans rather than a ‘DIY try to negotiate with the bank yourself’ may be extremely beneficial.
Our access to specialist, more flexible non-bank lenders and our sharp negotiating expertise has been proven over a long period to deliver cost-effective, cheap truck loans to all types and sizes of operations.
The truck purchasing decision is a major consideration. Our consultants are on hand to assist owners and operators with quick quotes and pre-approved truck loans to simplify and streamline the process.
Contact Jade Truck Loans on 1300 000 003 to discuss new truck finance
DISCLAIMER: THIS INFORMATION IS ISSUED PURELY FOR THE PURPOSE OF GENERAL INFORMATION PROVISION. IT IS NOT TO BE TAKEN AS THE ONLY SOURCE OF INFORMATION FOR BASING FINANCIAL DECISION-MAKING. THOSE REQUIRING FINANCIAL GUIDANCE AND ADVICE SHOULD CONSULT WITH THEIR FINANCIAL CONSULTANT OR ADVISOR. NO LIABILITY IS ACCEPTED FOR ANY MISREPRESENTATION OF POLICIES, DATA OR ERRORS IN THIS CONTENT.